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Market Outlook 250912

Market Outlook 250912

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Published by Angel Broking

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Categories:Business/Law, Finance
Published by: Angel Broking on Sep 25, 2012
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09/25/2012

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Market Outlook 
 
September 25, 2012
 
 www.angelbroking.com
 
Market Outlook 
 
September 25, 2012
Dealer’s Diary 
Indian markets are expected to open flat tracking marginally positive openingtrades in most of the Asian bourses and the SGX Nifty.
Globally, US markets ended the Monday’s trading session mostly lower, as traderscontinued to express concerns about the global economic outlook despite recentannouncements of further monetary stimulus. However, selling pressure remainedsomewhat subdued, limiting the downside for the markets. Most of the Europeanbourses too ended the trading session in negative territory. A number of issuescontributed to the weakness today, but most stemmed from concerns over globalgrowth.Meanwhile, Indian markets fell modestly on Monday, as investors indulged intoprofit booking following recent steep gains. After a slew of big ticket reformsannounced by the UPA government over the last few days, investors are nowanticipating concrete measures to fast track projects and kick start the investmentcycle.
Markets Today 
The trend deciding level for the day is 18,712 / 5,681 levels. If NIFTY trades abovethis level during the first half-an-hour of trade then we may witness a further rally up to 18,773 – 18,872 / 5,699 – 5,728 levels. However, if NIFTY trades below18,712 / 5,681 levels for the first half-an-hour of trade then it may correct up to18,612 – 18,551 / 5,652 – 5,634 levels.
Indices
 
S2
 
S1
 
PIVOT
 
R1
 
R2
 
SENSEX 
 
18,551 18,612 18,712 18,773 18,872NIFTY
 
5,634 5,652 5,681 5,699 5,728
News Analysis
 
No Roaming Charges from 2013
 
Maruti Suzuki to hike car prices within a week
 
IVRCL bags orders worth
 ` 
959cr
 
Cravatex - FILA sub-license agreement extended for 30 years
Refer detailed news analysis on the following page
 
Net Inflows (September 21, 2012)
`
cr Purch Sales Net MTD YTD
FII 6,835 4,363 2,472 11,764 74,775MFs 506 710 (204) (1,761) (11,194)
FII Derivatives (September 24, 2012)
`
cr Purch Sales Net Open Interest
Index Futures 3,064 3,194 (130) 16,728Stock Futures 5,767 6,154 (388) 30,823
Gainers / Losers
Gainers LosersCompany Price (
`
)
chg (%)
Company Price (
`
)
chg (%)
Lanco Infra 15
9.6
 Apollo Tyres 93
(4.4)
 ADANI POWER 51
7.9
Exide Inds 143
(4.1)
Suzlon Energy 18
7.0
India Infoline 59
(4.0)
Torrent Power 168
6.8
Cadila Health 830
(3.5)
BHEL 247
6.4
Bharat Elect 1,185
(3.3)
Domestic Indices Chg (%) (Pts) (Close)
BSE Sensex
(0.4)
(79.5) 18,673Nifty 
(0.4)
(21.6) 5,670MID CAP
0.3
21.5 6,454SMALL CAP
0.9
57.7 6,867BSE HC
(0.3)
(23.4) 7,334BSE PSU
(0.5)
(37.2) 7,446BANKEX 
0.5
63.5 13,101 AUTO
0.8
80.0 10,350METAL
0.3
30.0 10,708OIL & GAS
(1.4)
(127.0) 8,727BSE IT
(0.3)
(16.3) 5,967
Global Indices
Chg (%)
(Pts) (Close)
Dow Jones
(0.2)
(20.6) 13,559NASDAQ
(0.6)
(19.2) 3,161FTSE
(0.2)
(13.8) 5,839Nikkei
(0.5)
(40.7) 9,069Hang Seng
(0.2)
(40.2) 20,695Straits Times
(0.3)
(10.3) 3,068Shanghai Com
0.3
6.5 2,033
Indian ADRs
Chg (%)
(Pts) (Close)
INFY
(1.0)
(0.5) $48.3 WIT
(1.0)
(0.1) $8.9IBN
1.0
0.4 $40.2HDB
0.5
0.2 $37.0
Advances / Declines BSE NSE
 Advances 1,666
873
Declines 1,230
578
Unchanged 127
85
Volumes (
`
cr)
BSE 2,868NSE 16,081
 
 
 www.angelbroking.com
Market Outlook 
September 25, 2012
No Roaming Charges from 2013
Telecom minister, Mr. Kapil Sibal announced yesterday that there will be noroaming charges from 2013. At present, mobile users pay ~ 60paise/minute intheir home market while shelling out
 ` 
1.25-
 ` 
1.50/minute while roaming inanother telecom circle. Although one can make calls at the same rate onceroaming charges are dropped, telecom operators who would lose revenue may end up jacking up local call charges to recoup some of the losses. The move,however, might not go down well with service providers, who will face a hit of upto
 ` 
13,500cr in revenues.
We maintain our Neutral view on overall telecom sector.
Maruti Suzuki to hike car prices within a week 
Maruti Suzuki (MSIL) is planning to increase the prices of its vehicles within a weekto offset the impact of adverse foreign exchange movement and rising input costpressures. While the company has not disclosed the quantum of the price increase,we believe it could be in the range of 1-2%. Considering the current environmentwherein the demand for passenger cars in the petrol segment remains weak inspite of higher discounts; the move to hike prices may impact the demand forpetrol cars. However, it is less likely to impact the consumer demand in the dieselcar segment. At the current market price of
 ` 
1,354 the stock is trading at 15.5xFY2014E earnings which is in-line with its historical average of 15x.
We maintainour Neutral rating on the stock.
IVRCL bags orders worth
 ` 
959cr 
IVRCL has bagged orders worth
 ` 
959cr in the in water, irrigation and powerbusinesses. International orders include an order worth
 ` 
471.5cr for theconstruction of a rehabilitation project from the National Irrigation Board, Kenyaand construction of water tanks, infrastructure and related buildings from Kuwaitworth
 ` 
124.7cr. Domestically, IVRCL’s water division has been awarded ordersworth
 ` 
314.7cr. One contract is from PHED, Bharatpur, for the construction of atransmission main pipeline for 97 villages, which includes operation andmaintenance. Another order is for a cluster distribution system for 71 villages fromPHED, Jodhpur. In the power division, IVRCL has got an order worth
 ` 
48.1cr forthe construction of transmission lines in Bhopal Circle from the Madhya PradeshPower Transmission Company.
Owing to the recent surge in the stock price werecommend Accumulate with a SOTP target price of
`
51.
Cravatex -
FILA
sub-license agreement extended for 30 years
Cravatex represents
FILA
in India and distributes its products under the licenseagreement
 
which has been further extended for 30 years starting from January 2013. The license permits the distribution of FILA products and use of itstrademark in India, Bangladesh, Pakistan, Sri Lanka, Nepal and Bhutan. Further,the agreement requires Cravatex to invest 4-5% of the revenue on marketingactivities. Cravatex has been currently distributing the
FILA
products largely inwholesale, shop-in-shop and retail formats but now plans to focus on own-storesformats.
FILA
aims to more than double its stores to 100 in the next two years and

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